Liability of Agency Limited to Subordinate Housing Set-Aside Sample Clauses

Liability of Agency Limited to Subordinate Housing Set-Aside. Amounts. The Agency shall not be required to take any action not expressly provided for herein and its obligation with respect to the 2010 Bonds shall be limited as described herein. Notwithstanding anything in this Fiscal Agent Agreement, the Agency shall not be required to pay or advance any moneys derived from any source other than the Subordinate Housing Set- Aside Amounts for the payment of the principal of or interest (and premium, if any) on the 2010 Bonds, or for any other purpose of this Fiscal Agent Agreement. Nevertheless, the Agency may advance, but shall not be required under any circumstances whatsoever, for any of the purposes hereof, any funds of the Agency which may be made available to it for such purposes. The 2010 Bonds are special limited obligations of the Agency and are payable, as to interest thereon and principal thereof, exclusively from Subordinate Housing Set-Aside Amounts, and the Agency is not obligated to pay them except from Subordinate Housing Set- Aside Amounts. All of the 2010 Bonds are equally secured by a pledge of, and charge and lien upon, all of the Subordinate Housing Set-Aside Amounts, and the Subordinate Housing Set- Aside Amounts constitute a trust fund for the security and payment of the interest on and the principal of the 2010 Bonds, to the extent set forth in this Fiscal Agent Agreement. The 2010 Bonds are not a debt of the City, the State of California or any of its political subdivisions, and neither said City, said State nor any of its political subdivisions is liable therefor, nor in any event shall the 2010 Bonds be payable out of any funds or properties other than those of the Agency pledged therefor provided in this Fiscal Agent Agreement. The 2010 Bonds do not constitute an indebtedness within the meaning of any constitutional or statutory limitation or restriction.
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